This document discusses the convergence of traditional finance and decentralized finance (DeFi) through partnerships between fintech companies and crypto platforms. It explores how companies like Novi, Revolut, and Paypal are integrating with cryptocurrencies through custodial services, and how regulated service providers like Paxos, Prime, and Wyre provide fiat on-ramps to DeFi through KYC/AML compliance. It also examines the role of banks, payment networks, and open banking APIs in connecting traditional financial systems to decentralized technologies like Ethereum. Finally, it suggests that as standards merge, users may eventually conduct all transactions without custodial accounts.

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The Convergence of Web2 & Web3
A look at defi, fintech, and co-ecosystem milestones.
October 2021

2. Circa Mid-2019: “Only whitelisted addresses are allowed to send/receive this token.”
Permissioned Tokens
A bit of background about your speaker :>

3. Circa Mid-2019: “Only whitelisted addresses are allowed to send/receive this token.”
Fiat-to-Crypto On & Offramps ALL DAY

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Time.
Space.
Energy.
Land.
Food.
Shelter.

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ConsenSys is the leading Ethereum software company
We enable
Developers, Enterprises, and people worldwide,
to build next generation
applications,
to launch modern financial
and trade infrastructure,
to access the
decentralized web
Using our market-leading product suite

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MetaMask Institutional
The Ultimate DeFi Bridge
MetaMask Institutional gives institutional investors
access to the DeFi ecosystem through the most
trusted and used wallet. We enable funds to swap
tokens, borrow, lend, invest, and interact with DeFi
protocols and applications using the MetaMask
interface along with your third-party custodian.
Custodian
DeFi Protocols

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The Great Convergence of Fintech
to Defi & Tradfi
to Web3 & Gamefi
to Mainnet & Beyond…
We are here.

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So how are Novi / Revolut / Paypal
integrated with “crypto” exactly?

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Custodial Crypto Brokerage API

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So what’s the difference between
Paxos, Prime, Wyre and Circle?

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Regulated Fiat Onramps (Cefi-Defi Bridges)
KYC
AML
BSA
SARs
CTRs
&
KYTs

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North American Regulated Service Providers

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Trust? Money Transmission? Or...

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The Cefi-Defi Bridge Stack

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Let’s dig even deeper. What is
Fintech in relation to Web 3.0?

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Behind every neobank.. is a bank

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USD/C/P/T/etc.

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We are down the rabbit hole now.

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The Depository Trust & Clearing Company

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Automated Clearing House (ACH) Network

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Open Banking APIs

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Mergers & Acquisitions

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Mergers & Acquisitions

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So.... where the heck are we?

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We are witnessing FIs transition from Web2 to Web3
Money / FX
Central Banking
Commercial
Banking
Investment Banking
Exchange
Brokerage
Insurance
Payments
Asset Management
Centralised Finance Decentralised Finance

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One day we will never use custodial accounts for crypto txts

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So.... where the heck are we?
Web standards are merging with Web3

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$1B+
In tokenization
projects, launches,
digital assets and
currencies
Acquired from
Strong global partners 1,000 clients globally
Leading EntEth platform
“We need to make sure that maximally decentralized Web3 wins.”
#1
Development
environment for
Ethereum with 4.5M
downloads
250k+
Developers using
our managed infra
15M+
Monthly active
customers
150+
Companies building
solutions with
Ethereum audited
#1
DLT technology used
by Enterprises
(ex aequo)

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Thank you.
jack.jia@consensys.net
twitter: demonopolize
The DeFi wallet and Web3 gateway
for crypto funds, market makers, and trading desks.